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- **Donlin Gold Project Momentum**: NovaGold's 60% stake in Donlin Gold is on track for a 2027 construction start, with Q3 drilling confirming high-grade mineralization (4-23 g/t) and expanding resource potential.
- **Stock Revaluation**: The stock price has rebounded from $2.50 to near $10, with a target of $12-$15 based on the new partnership with John Paulson and the project's strategic U.S. location.
- **Operational Progress**: Completion of an 18,000-meter drill program, submission of tailings dam designs, and community engagement initiatives highlight the project's development momentum.
- **Financial Update**: Q3 net loss of $15.6 million reflects increased Donlin Gold expenses, with updated 2025 G&A guidance of $18 million.

**【Management Opening Remarks】**
- NovaGold's Chairman, Dr. Thomas Kaplan, emphasized the strategic importance of the Donlin Gold project, positioning it as America's largest gold mine. He highlighted the revaluation of NovaGold's stock post-partnership with John Paulson, with the stock price recovering from $2.50 to near $10 and targeting a $12-$15 range.
- Kaplan stressed the jurisdictional safety of the U.S. for mining projects, contrasting it with unstable regions like Africa and Latin America. He also referenced the growing demand for gold as a monetary asset, driven by geopolitical instability and central bank purchases.

**【CEO Commentary】**
- President and CEO Greg Lang detailed the third-quarter operational progress, including the completion of an 18,000-meter drill program at Donlin Gold, which confirmed high-grade mineralization (4-23 g/t) and expanded resource potential. The drilling focused on grid definition, resource conversion, and geotechnical studies for mine design.
- Lang highlighted the project's permitting milestones, including the submission of preliminary designs for the tailings dam and water retention structures. He noted that the remaining state permits are expected to be finalized well before the bankable feasibility study (BFS) completion in 2026.
- Key project attributes were reiterated: 1.4 million oz/year production in the first 10 years, 2.25 g/t average grade, and 40 million ounces of proven and probable reserves. Exploration potential remains significant, with only 5% of the 8-kilometer mineralized belt drilled.

**【CFO Financial Commentary】**
- CFO Peter Adamek reported a net loss of $15.6 million for Q3 2025, driven by increased field expenses at Donlin Gold and higher G&A costs. NovaGold's 60% stake in Donlin Gold resulted in a $24 million pro rata share of the project's $43 million 2025 budget.
- The company's treasury decreased to $125.2 million due to the $210.1 million acquisition of an additional 10% stake in Donlin Gold, partially offset by $25.5 million from an over-allotment option exercise. Updated guidance for 2025 corporate G&A costs was raised to $18 million from $16 million.

**【Q&A Highlights】**
- **Exploration Results**: The drill program's top 5 intervals averaged 4 g/t, exceeding the project's 2.25 g/t average. Results will be incorporated into the BFS, with remaining assays expected to be released within a month.
- **Financing Options**: Kaplan confirmed interest from royalty companies in financing the project, though no agreements have been finalized. Lang dismissed nuclear power for the site, favoring natural gas from Alaska's North Slope pipeline.
- **Timeline Updates**: The BFS is expected to be awarded by year-end, with construction targeted for 2027 and commercial production in 2031. Legal challenges in Alaska's Supreme Court are progressing, with decisions anticipated in 2026.


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